In brief

7% of São Paulo anchor restaurants are blocked by exclusivity.

Cade denied a preventive measure against 99Food but kept the investigation into the clauses.

iFoodiFoodOrganizationLargest delivery platform in Brazil, controlled by Prosus, with payments and credit operations (iFood Pago) and corporate benefits; not listed on B3, but relevant to competitors in retail, payments and digital banks.Open in the Market Map ↗ disputes the claim.

What we know

04

  1. Verified fact · material

    The Cade tribunal rejected the Keeta appeal for a preventive measure against 99Food ban clauses but ordered the General Superintendence investigation into delivery sector contract clauses to continue.

    Keeps regulatory risk over exclusivity contracts alive.

    Sources[01][02]

  2. Verified fact · material

    According to a survey released by Keeta covering 147 chains, 85.7% of restaurants with five or more stores in the São Paulo metropolitan area are blocked from operating on the platform by exclusivity or ban clauses, with 92% in pizza and healthy food, 88% in Brazilian cuisine and 86% in burgers.

    It is a survey by Keeta itself, an interested party in the dispute.

    Sources[01][03]

  3. Context

    99Food said it received the Cade decision calmly and with confidence in the legitimacy of its practices; iFoodiFoodOrganizationLargest delivery platform in Brazil, controlled by Prosus, with payments and credit operations (iFood Pago) and corporate benefits; not listed on B3, but relevant to competitors in retail, payments and digital banks.Open in the Market Map ↗ said the claim of widespread exclusivity does not hold and that its contracts follow the settlement signed with Cade.

    Positions of the incumbent platforms.

    Sources[01]

  4. Context

    The São Paulo state court rules at the end of September on the Keeta suit against 99Food ban clauses, according to Correio Braziliense.

    Judicial front running parallel to the administrative one.

    Sources[03]

Transmission to assets

Market read-through

For iFoodiFoodOrganizationLargest delivery platform in Brazil, controlled by Prosus, with payments and credit operations (iFood Pago) and corporate benefits; not listed on B3, but relevant to competitors in retail, payments and digital banks.Open in the Market Map ↗ the risk is Cade concluding that exclusivity with anchor chains forecloses the market, forcing contract renegotiation right in the R$ 24 billion cycle.

For Prosus and Meituan, the decision sets the cost of entry and defence in the largest delivery market in Latin America.

Portfolio impact

01
iFood (Prosus)negative

The Cade investigation into exclusivity threatens the contract model with anchor chains.

Medium term regulatory risk.

What would change the view: Depends on the General Superintendence opinion.

direct40% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • São Paulo court ruling on the Keeta suit at the end of September
  • Cade General Superintendence opinion on the clauses
  • Anchor restaurant reaction to exclusivity contracts

Limits of the reporting

What remains uncertain

  • Whether the Keeta survey will be validated by an independent source
  • The timeline of the Cade investigation

Full sources

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01
CNN BrasilMais de 80% dos restaurantes de SP estão bloqueados para Keeta, diz empresaindependent newsroom
02
CadeCade determina continuidade de investigação sobre cláusulas contratuais da 99Food, mas nega pedido de medida preventiva no casoofficial source
03
Correio BrazilienseTJSP julga ação da Keeta contra cláusulas de banimento da 99Food no fim do mêsindependent newsroom
01